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DRI Healthcare Trust (DHT-UN) investor relations material
DRI Healthcare Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved strong Q3 results with double-digit growth in cash receipts, income, and adjusted EBITDA, led by Orserdu, Xolair, and Rydapt, and supported by portfolio diversification and resilient cashflow streams.
Completed internalization of investment management, paying a $48 million termination fee and acquiring assets from Persis Capital for $1 million.
Completed a synthetic royalty transaction on veligrotug and VRDN-003 for up to $300 million, with $55 million upfront and up to $115 million in milestone payments, expanding exposure to the TED market.
Continued execution of NCIB program, repurchasing over 4.5 million units as of September 30, 2025, to enhance unitholder value.
EKTERLY approval in July marked a milestone, with royalties beginning on a one-quarter lag and a $22 million payment increasing royalty entitlement.
Financial highlights
Q3 2025 total cash receipts: $43.6 million, up 12% year-over-year; total income: $48.7 million, up 17% year-over-year.
Adjusted EBITDA: $36.7 million (84% margin), up 17% year-over-year; last twelve months adjusted EBITDA: $155.7 million (82% margin).
Adjusted cash earnings per unit: $0.55 for Q3 2025; $2.25 for the last 12 months.
Cash and equivalents: $35.6 million; royalties receivable: $52.9 million; credit facility availability: $265.4 million as of September 30, 2025.
Declared cash distributions of $0.10 per unit for the quarter.
Outlook and guidance
Robust pipeline of over $3 billion in potential opportunities under active evaluation as of September 30, 2025.
Guidance for total income CAGR to be updated in Q4, with management expressing confidence in current trajectory.
Anticipates first royalty receipts from veligrotug following its first US commercial sale and expects topline results from VRDN-003 phase 3 trials in H1 2026.
Expects gradual recovery in Omidria sales into 2026 and continued growth for Vonjo, despite impairment.
Focus remains on long-term, sustainable growth and generating strong unitholder returns.
Future OpEx after growth reinvestment
Impact of TED pipeline on Viridian market share
Rationale for continued pre-approval investments
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Next DRI Healthcare Trust earnings date
Q4 20253 Mar, 2026
Next DRI Healthcare Trust earnings date
Q4 20253 Mar, 2026
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Frequently asked questions
DRI Healthcare Trust is a specialty finance company focused on investing in healthcare royalties. The company acquires and manages royalty streams and other income-generating assets associated with pharmaceutical and biotechnology products. By partnering with healthcare innovators, DRI Healthcare Trust provides funding while benefiting from long-term revenue derived from global drug sales. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.
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